FOR IMMEDIATE RELEASE October 25, 2005

CONTACT: Brendan Daly/Jennifer Crider 202-226-7616

Pelosi: While Americans Struggle to Pay High Prices at the Pump, Major Oil Companies Report Record Profits

Washington, D.C.–House Democratic Leader Nancy Pelosi released the following statement today on the major oil companies reporting their third quarter profits this week:

“While Americans struggle to pay high prices at the pump, the world’s largest oil company, Exxon Mobil, is expected to report an $8.9 billion profit – a 56 percent increase from the previous year.  The Republicans’ solution is to give oil companies with record high profits more than $8 billion in additional tax breaks and subsidies, leaving American consumers holding the tab.

“We should repeal the excessive tax breaks and subsidies for Republicans’ big oil and gas company cronies and instead direct that money to lower the price of gas at the pump and home heating costs now.  A stronger America works for everyone, not just Republicans’ big oil company cronies.

“Democrats are fighting for common-sense anti-price gouging legislation that would help families pay their skyrocketing energy bills and crack down on gas and oil companies that are cheating America’s families.”

“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”

Democratic Leader Nancy Pelosi